Proskauer - ERISA Practice Center

ERISA Participant’s Supplemental Submission Doesn’t Restart Exhaustion Clock

A federal district court in New Jersey held that supplemental documentation submitted by a participant in connection with the claims review process did not restart the clock for a claims administrator to decide the participant’s…more
| Administrative Law, Labor & Employment Law

U.S. Supreme Court Sends ERISA Investment Fee Case Back For Further Review

Today, the U.S. Supreme Court ruled that an ERISA plan participant may allege that a plan fiduciary breached the duty of prudence by not properly monitoring the plan’s investment options as long as the alleged breach of the…more
| Civil Procedure, Labor & Employment Law, Finance & Banking, Business Torts

Third Circuit: Catalyst Theory of Recovery Applies to ERISA Fee Award

The Third Circuit held that the catalyst theory of recovery applies to ERISA cases when determining whether to award attorneys’ fees. In this case, Plaintiffs (two individuals and two pharmacies) filed suit against Defendant…more
| Civil Procedure, Labor & Employment Law, Finance & Banking

IRS Chief Counsel Memorandum Clarifies that Correction of Section 409A Failures in Year of Vesting Will Not Shield Income Inclusion Under 409A

Earlier this month, the Office of Chief Counsel of the Internal Revenue Service released a Memorandum clarifying the impact of a correction of a Code Section 409A operational failure before the date of vesting of nonqualified…more
| Labor & Employment Law, Finance & Banking, Taxation

Second Circuit Affirms Dismissal of ERISA Stock Drop Claims

The Second Circuit recently affirmed the dismissal of an ERISA stock drop class action because, like the district court, it held that Named Plaintiff Debra Taveras lacked constitutional standing to pursue her claims. Taveras…more
| Civil Procedure, Labor & Employment Law, Finance & Banking, Business Torts, Securities Law

Changes to the IRS Determination Letter Program

The IRS has informally stated that it is intending to make some significant changes to the Determination Letter program, and is even considering eliminating the program for individually designed retirement plans (other than…more
| Labor & Employment Law, Finance & Banking, Taxation

MHPA Class Action Settlement

A federal district court in Washington recently granted preliminary approval to a $6 million settlement of a mental health parity class action suit against Regence Blueshield. Plaintiffs claimed that defendants routinely…more
| Civil Procedure, Civil Rights, Labor & Employment Law, Health

First Circuit Reviews Top Hat Plan Benefits Denial for Abuse of Discretion

The First Circuit recently applied an abuse of discretion standard of review to a claim for top hat plan benefits. Plaintiff Robert Niebauer, a former executive of Crane, brought a claim for executive severance plan benefits and…more
| Civil Procedure, Commercial Law & Contracts, Labor & Employment Law, Finance & Banking

EEOC’s Proposed Wellness Regulations Add Burdensome Notice Requirement; Still Prohibit Mandatory HRAs

On April 16, 2015, the Equal Employment Opportunity Commission (EEOC) released proposed regulations covering wellness programs that involve disability-related inquiries or medical examinations…more
| Civil Rights, Labor & Employment Law, Health

New California Paid Sick Leave Requirements Effective July 1, 2015

Beginning July 1, 2015, California employers will be required to grant paid sick leave to nearly all California employees in compliance with California’s new paid sick leave law, the Healthy Workplaces, Healthy Families Act of…more
| Labor & Employment Law

U.S. Department of Labor Issues Proposed Fiduciary Rules

Tuesday, the U.S. Department of Labor issued its highly anticipated re-proposed regulation addressing when a person providing investment advice with respect to an employee benefit plan is considered a fiduciary under ERISA. The…more
| Labor & Employment Law, Finance & Banking

Court Finds Lenders to Hedge Fund Not Liable as ERISA Fiduciaries

A federal court recently dismissed ERISA breach of fiduciary duty claims asserted by Delphi Beta Fund, LLC, a hedge fund, against two of its bank lenders, because there was no precedent for applying ERISA’s fiduciary duties to a…more
| Civil Procedure, Labor & Employment Law, Finance & Banking, Business Torts

Ameriprise Agrees to Pay $27.5 Million to Settle Fiduciary Breach and Prohibited Transaction Claims

Defendants Ameriprise Financial, Inc., the fiduciary committees of the Ameriprise 401(k) plan, and individual committee members agreed to settle a lawsuit brought by a class of participants in the Ameriprise 401(k) plan for…more
| Civil Procedure, Civil Remedies, Labor & Employment Law, Finance & Banking, Business Torts

Settlement Reached in Stock-Drop Case

A class of former LandAmerica Financial Group employees agreed to a $5 million settlement of stock-drop claims arising from LandAmerica’s 2008 bankruptcy, and have submitted the agreement for court approval. LandAmerica filed…more
| Civil Remedies, Labor & Employment Law, Finance & Banking, Business Torts, Securities Law

IRS Relaxes Correction Requirements for Elective Deferral (But Not After-Tax Contribution) Failures under EPCRS

Less than a week after issuing significant modifications to the Employee Plans Compliance Resolution System (EPCRS) (as described in our March 31, 2015 blog), the Internal Revenue Service (IRS) further modified EPCRS through the…more
| Labor & Employment Law, Finance & Banking, Taxation
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